Application Security & Online Fraud , Finance & Banking , Fraud Management & Cybercrime

The Evolution of Online Fraud in 2023 and Best Practices to Plug the Gaps

2023 Faces of Fraud Survey Results and Analysis

When it comes to threats, every new technology begets new frauds as attackers evolve and innovate, but our cyber defenses are evolving, too. So, what should we be looking out for in the year ahead – and how should we respond?

During the summer of 2023, Information Security Media Group conducted field marketing research on behalf of our survey sponsor, Appgate, whereby more than 150 financial institutions, primarily from the U.S. and Canada, participated in this study. We were able to see how the industry as a whole is being affected and how they are prioritizing ways to protect themselves, including identifying where today's financial institutions are focusing investments on fraud prevention technologies in the coming year.

Concern about the impact of rapid change is reflected in this year’s Faces of Fraud survey results, identifying the top vulnerability as the fact that today's fraud schemes are evolving too quickly to keep pace. While this has annually been an issue of concern in this study, the number of respondents who see it as their top concern has almost doubled in recent years, from 43% in 2019 to 83% this year.

Senior Vice President at Appgate, Mike Lopez, offers his expert analysis on the survey findings and how this year's results were unique to the most current cyber threats.

"If you're going to stay ahead of the adversaries," advises Lopez, "you can't have singular points for detection. You need to look at the user's patterns, the device patterns and the transactional patterns collectively to effectively move toward a program that is going to be effective." View the interview above for more best practices to bring to your security team, and download a copy of the full survey results eBook here.

About the Author

Tony Morbin

Tony Morbin

Executive News Editor, EU

Morbin is a veteran cybersecurity and tech journalist, editor, publisher and presenter working exclusively in cybersecurity for the past decade – at ISMG, SC Magazine and IT Sec Guru. He previously covered computing, finance, risk, electronic payments, telecoms, broadband and computing, including at the Financial Times. Morbin spent seven years as an editor in the Middle East and worked on ventures covering Hong Kong and Ukraine.

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